Holding The Raters Accountable? (February 11, 2013)
. . .
NNN “So the government is going after the rating agency Standard & Poor’s for its grossly inflated ratings of toxic mortgage securities.”
OOO “It is a start, yet they were among the bit players in the grand fraud. Madoff made off with millions from connected characters who were not willing to let him off. Corzine still has enough stroke as a former Senator to avoid prosecution. The banksters and the brigands and the big players at the core got away with it and are getting away with it and no one in power does anything about it.”
. . .
NNN “Some bonehead judges have looked for an excuse to let them off and resorted to the First Amendment.”
OOO “The First Amendment is a limitation on government restrictions on speech not a source of individual rights, so a person does not have ‘First Amendment rights.’ The government did not restrict or regulate Standard & Poor’s speech in any way. Standard & Poor’s is seeking to avoid prosecution for what it said not for what the government would not allow it to say. That ends the First Amendment inquiry.”
NNN “When S & P spoke, they lied and intended others to rely on the lies; they are culpable. The government must start somewhere.”
. . .
[See the “e-ssay” titled Rating The Rating Agencies And The Courts That Should Berate Them: FFF (May 3, 2010) and other “e-ssays” under the Category titled “Rating Agencies.”]
[The charges against Standard & Poor’s are discussed at http://www.nytimes.com/2013/02/06/opinion/standard-poors-stands-accused.html?_r=0.]
Bumper sticker of the week:
FFF: Rating Agencies
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